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Snyder Industries Acquires Asset Tank Divisions from Clawson Container Co.

January 5, 2007

Snyder Industries, a leading manufacturer of polyethylene tanks and containers for the storage, transportation, and processing of bulk materials, has acquired the Asset Tank divisions of Clawson Container Co.

The divisions include the manufacturing plants to produce both rotationally molded and fabricated-steel IBCs, as well as related rental tank fleets utilized to support similar end markets. Clawson Container Co. will retain its blow-molded IBC manufacturing plants and related business units, which include IBC North America and Clean Tide Container.

The Clawson acquisition will expand Snyder’s IBC product offering to include both stainless and carbon steel IBC designs, which will allow the company access to many new markets not presently serviced by its polyethylene product line due to specific performance limitations in the areas of chemical compatibility, and temperature exposure, sterilization, as well as some government regulatory restrictions.

"This acquisition is a good fit with our existing product lines and strategic focus, and provides an entry into traditional steel markets, which will substantially expand our company’s growth opportunities in the greater material handling and storage markets," said Thomas O’Connell, President and CEO of Snyder, headquartered in Lincoln, NE.

Snyder Industries is a privately owned company with majority interest being held by Cortec Group Fund III, a New York-based private equity firm, which invests in middle market manufacturing, distribution, and service businesses.